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Creating, Building, and Maintaining
StrongProduct Identities
Connecting Your Audience with LMI
Sylvia D. Jones, Senior AnalystWyoming Department of Employment
Research & [email protected]
307-473-3814
Hunting the Elusive Long-Term Employee
Wyoming Department of Employment
Research & Planning
Sylvia Jones
• Research & Planning (R&P) is a statistical unit working in the Department of Employment
• In addition to Bureau of Labor Statistics administered programs, we engage in the collection and interpretation of labor market information
Research & Planning – Who are we?
What is Labor Market Information?
• Statistics are collections of data or facts
• LMI is knowledge gained by understanding the data or facts
• Data are important, but understanding is the key to LMI
• We gather and interpret data to provide LMI that helps people and organizations make better-informed decisions
Wyoming is facing a labor shortage
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2000-2006 US and Wyoming Not Seasonally Adjusted Unemployment Rates
US Wyoming
What do we do about it?
1. Scout for potential labor
3. Preserve the talent we already have
2. Hunt trophy workers
Scouting For Potential Labor
In-state
Out-of-state
In-state
Alternative sources of labor
Out-of-state
See what’s out there before you take aim
What do we have to offer?
Fabulous grazing land
Low cost of living
Lots of room to grow
Plenty of wonderful people
Competition for labor
Little economic diversification
Housing shortage
Relatively low wages
http://www.huduser.org/datasets/fmr.html
Fair Market Rent for Selected Wyoming Counties, 2005
Monthly Rent
County Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
Albany $409 $469 $595 $817 $865
Campbell $456 $491 $550 $745 $811
Converse $333 $412 $512 $698 $900
Laramie $473 $499 $633 $862 $1,110
Lincoln $448 $475 $540 $721 $853
Natrona $370 $405 $512 $745 $898
Park $380 $437 $514 $646 $851
Sheridan $408 $440 $541 $692 $845
Sublette $451 $475 $551 $721 $854
Sweetwater $336 $408 $512 $716 $743
Teton $697 $778 $978 $1,289 $1,327
Washakie $410 $428 $512 $668 $800
Weston $410 $428 $512 $668 $800
County
Average Monthly
Mortgage (2000)
2004 Average Home Sale
Price
2005 Average Home Sale
Price
2004-2005 % Change in Average Home Sale Price
Albany $916 $175,320 $182,000 3.8%
Campbell $879 $173,420 $185,874 7.2%
Converse $714 $115,800 $149,096 28.8%
Laramie $901 $155,467 $165,743 6.6%
Natrona $746 $139,651 $156,281 11.9%
Park $821 $151,921 $161,866 6.5%
Sheridan $819 $162,917 $186,095 14.2%
Sublette $847 $218,343 $249,029 14.1%
Sweetwater $953 $142,688 $179,000 25.4%
Teton $1,498 $495,500 $551,265 11.3%
Weston $664 $64,784 $80,313 24.0%
Wyoming Housing Database Partnership, August 2006
http://www.wyomingcda.com/PDFfiles/Database_12_2005/Profile06a_Vol_I_Final.pdf
Home Ownership Prices in Select Wyoming Counties
Now what?
Non-Residents Residents Total
State of Origin n % n % n
CO 4,861 27.8 12,625 72.2 17,486
CA 7,221 36.9 12,362 63.1 19,583
MT 2,769 25.9 7,939 74.1 10,708
UT 3,680 32.9 7,506 67.1 11,186
SD 1,897 20.5 7,350 79.5 9,247
NE 1,737 19.5 7,186 80.5 8,923
TX 4,097 44.9 5,023 55.1 9,120
IL 1,552 27.8 4,040 72.2 5,592
ND 920 19.5 3,794 80.5 4,714
MN 1,041 22.6 3,558 77.4 4,599
ID 2,643 42.9 3,515 57.1 6,158
MI 1,097 25.8 3,162 74.2 4,259
Grand Total 58,764 31.8 125,954 68.2 184,718
States With the Largest Contribution to Resident Labor in Wyoming, 2004
Average wages for electricians and rent data for various US cities
CityAvg. Hourly
WageAvg. Rent 2
Bedroom Apt*
% of Monthly Wage Spent on Avg Rent
Cheyenne, WY $22.05 $633 17.9
McAllen-Edinburg, TX $14.59 $635 27.2
Sioux Falls, SD $17.37 $640 23.0
Omaha, NE $19.37 $614 19.8
Boise, ID $17.84 $695 24.3
Denver, CO $22.77 $909 25.0
Detroit, MI $29.16 $793 17.0
Billings, MT $21.60 $598 17.3
http://www.huduser.org/datasets/fmr.html
Now that we found the herd, how do we get the right animal?
Understand who you are recruiting
You may need to address issues facing families
The compensation package
Gender Age group Number Age %Average Wage $
% of Avg Rent
Females Under 20 10,733 8.5 4,175 159.5
20-24 15,003 11.8 9,855 67.6
25-34 24,611 19.4 17,763 37.5
35-44 25,414 20.0 23,385 28.5
45-54 30,266 23.9 26,819 24.8
55-64 16,082 12.7 24,775 26.9
65+ 4,598 3.6 12,547 53.1
Unknown 121 0.1 15,882 41.9
Total 126,828 100.0 19,664 33.9
2005 Mean Earnings Compared to Average Rent Prices for Women
by Age
http://www.huduser.org/datasets/fmr.htmlhttp://doe.state.wy.us/lmi/wfdemog/toc3.htm
How do we keep the employees we have now?
Stay downwind of your competitors
• Compensation package
• Training
• Longevity incentives
Make an investment
Plan for the future
Don’t just sit there
Use LMI to find your trophy employee!
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